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Fixed Assets Accounting Enties
Posted: Mon Mar 01, 2010 5:06 am
by anjan123
Hi Folks,
Could some one send me the accounting entries for Fixed Asset Module.
Regards
Anjan
Posted: Mon Mar 01, 2010 6:43 am
by oteixeira
Hello.
See chapter 6 (APPS 11.5.10.2) of the Fixed Assets User Guide.
Octavio
Posted: Mon Mar 01, 2010 6:59 am
by vanisri_mayya
Hi Anjan,
The FA accounting entries are as below.
1. when asset has been added
Asset a/c Dr.
To Asset clearing a/c
2. For depreciation
Depreciation a/c Dr.
To accumulated depreciation a/c
3. When asset retired
Accumulated Depreciation a/c Dr.
Cost of removal of asset a/c Dr.
Loss or gain on sale of asset Dr. (if loss)
Proceeds of sale a/c Dr.
To asset a/c
To Loss or gain on sale of asset (if gain)
Regards,
Vanisri